CAAM wants current foreign ownership rules to stay, report says

The Chinese government should stick with the current rule where foreigners cannot own more than 50 percent stake in any auto venture in the country, Caijing.com cited a senior official from the China Association of Automobile Manufacturers (CAAM) as saying. CAAM secretary-general Dong Yang said in an article posted on the association’s website that the bottom line is to protect the domestic brands, which are currently are at a disadvantage in terms of technologies and management know-how, the report said. The comments came after the Ministry of Commerce said recently that it is prepared to ease the market access for foreign automakers.

Property magnate Lee Shau-kee, 91, is considering stepping down from his posts as chairman and managing director of Henderson Land Development (00012.HK) for “being advanced in age”, the company said in a filing to...

The American and Chinese trade delegations have been conducting intensive talks to try to reach a deal acceptable to both sides. Progress reports have been positive as US President Donald Trump recently postponed imposing...

Xiaomi Corp has been struggling to get its act together in relation to supply of its newly-launched flagship Mi 9 smartphone. Unable to get enough devices onto the market, the firm was recently forced...

Negotiations to resolve the Sino-American trade conflict have so far centered on soybeans, natural gas, and an assortment of commodities and manufactured goods. Yet, an increasingly important component of US and global trade...

China’s Huawei Technologies is making it very difficult for European carriers to drop the company from its supply chain for next-generation 5G wireless service, AT&T CEO Randall Stephenson said on Wednesday. “If you have...

Alphabet Inc unit Google was fined 1.49 billion euros (US$1.7 billion), its third large European Union antitrust penalty in two years, Reuters reports. The European Commission, which said the fine amounted to 1.29 percent...

The National People’s Congress, China’s parliament, last week passed a new Foreign Investment Law (FIL). Premier Li Keqiang said on Friday that the new law “will better protect the legitimate rights and interests of...

US President Donald Trump warned on Wednesday that Washington may leave tariffs on Chinese goods for a “substantial period” to ensure that Beijing complies with any trade agreement, Reuters reports. Trump said his top...

The US Federal Reserve on Wednesday brought its three-year drive to tighten monetary policy to an abrupt end, abandoning projections for any interest rate hikes this year amid signs of an economic slowdown, Reuters...